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Wall Street stocks declined on Friday as investors took a pause after the previous session’s gains, which followed a positive market response to the Federal Reserve’s interest rate hike. Lower oil prices provided some relief, but rising Treasury yields added pressure to equities. At 10:17 a.m. ET, the Dow Jones Industrial Average fell 195.80 points, or 0.38%, to 51,590.98, the S&P 500 lost 17.02 points, or 0.22%, to 7,620.74 and the Nasdaq Composite was down 43.55 points, or 0.16%, to 26,374.75. At the open, the Dow Jones Industrial Average rose 48.7 points, or 0.09%, to 51,826.78. The S&P 500 rose 19.4 points, or 0.25%, to 7,657.17, while the Nasdaq Composite rose 103.8 points, or 0.39%, to 26,522.09. The Federal Reserve’s rate increase and Chair Kevin Warsh’s comments on the likely path for borrowing costs remained a major focus for investors through the week. Crude oil prices fluctuated on Friday as markets assessed potential supply disruptions following fresh clashes between Saudi Arabia and Iran-backed Houthi forces in Yemen. Brent crude was trading 0.65% lower at $104.16 a barrel, while US crude futures were up 0.27% at $102.18 per barrel. The movements in oil prices came as investors continued to monitor developments in the Middle East and their potential impact on global energy supplies. In the US bond market, Treasury yields moved higher, adding to the pressure on stocks. The yield on the benchmark 10-year Treasury rose to 4.98% on Friday, compared with 4.94% at the close of the previous session. Higher bond yields can influence equity valuations because they affect borrowing costs. Nucor shares fell 4.1% after the steelmaker said it expects profit from its steel mills business to increase in the third quarter compared with the second quarter. The company said it has been able to charge higher prices for its steel products. Berkshire Hathaway shares slipped 0.1% after Warren Buffett announced that he would step down as chairman of the company. The move marks a major leadership transition for the conglomerate. Xenon Pharmaceuticals shares plunged more than 27% after the company temporarily halted enrolment in trials of its experimental treatment for major and bipolar depression. The decision followed reports of side effects associated with the drug. Gold prices climbed on Friday, as lower oil prices eased concerns about prolonged inflationary pressures, though a stronger US dollar limited gains. By 09:16 a.m. EDT (1316 GMT), spot gold was up 0.7% at $4,372.27 per ounce. US gold futures rose 0.3% to $4,411.20. Spot silver rose 2.3% to $66.69, platinum gained 1.7% to $1,799.69 and palladium added 1.9% at $1,315.20. With a distinguished career spanning nearly two decades at the highest levels of financial journalism, Rajendra Kumar Saxena stands as a cornerstone of the editorial leadership team at Livemint.com. In his current capacity as Content Editor, he is responsible for managing the comprehensive editorial lifecycle of the publication. His role is multifaceted, encompassing the strategic selection of high-impact stories, original reporting, and meticulous editing. <br> Furthermore, Rajendra is instrumental in executing a sophisticated Search Engine Optimization (SEO)-driven content strategy, ensuring that the platform's digital content reaches a global audience while maintaining the highest standards of journalistic integrity and accuracy prior to publication. <br> Rajendra’s professional journey is characterized by a profound expertise in a wide array of critical sectors. His analytical depth covers global economics, commodities, and stock market dynamics (across both Indian and United States landscapes). <br> Beyond the financial markets, he possesses a keen understanding of political affairs, banking and finance, foreign affairs, and the rapidly evolving technology sector. <br> His eighteen years journey in financial and business journalism includes a significant tenure at Financialexpress.com and freelance contributions to The Hindu. <br> Currently based in Delhi, Rajendra holds a Master of Journalism degree from the prestigious Makhanlal Chaturvedi National University of Journalism and Communication (MCNUJC). His blend of academic rigor and decades of on-the-ground experience makes him a leading voice in navigating the complexities of today’s financial world. Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates. Oops! Looks like you have exceeded the limit to bookmark the image. Remove some to bookmark this image.
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